Brazilian state-run power utility Eletrobras has concluded the divestment of its power distribution subsidiary Amazonas Distribuidora de Energia to a consortium of Oliveira Energia and Atem. The transaction was approved by all the concerned regulatory authorities and took the form of an auction. The Oliveira Energia-Atem consortium was the sole bidder. Eletrobras will assume its BRL13bn (US$3.3bn) in debt before passing it to the new owner. The validation of the transaction was difficult as a Brazilian court initially decided to suspend the sale process after a file was lodged by a union representing Amazonas Energia workers, who estimated that studies regarding the potential impact of the sale should have been made prior to the auction.
The divestment fits into Eletrobras' broader strategy to sell its non-core assets. It was announced in February 2018 along with the sale of five other power distribution affiliates, namely Boa Vista Energia, Eletroacre, Ceron, Ceal and Cepisa. Oliveira Energia-Atem was the winner of the auction for Boa Vista Energia in August 2018, while Energisa won Eletroacre and Ceron. Cepisa unit was sold to sole bidder Equatorial Energia in July 2018, while the sale of Ceal was suspended due to a court decision.
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